Summary
This 8-K/A filing from QUALCOMM INC/DE (QCOM) amends a previous report concerning the CFO transition. The primary focus of this amendment is to disclose additional compensation provided to David E. Wise for his role as interim Chief Financial Officer. This compensation includes a significant monthly salary increase and a restricted stock unit grant, demonstrating the company's commitment to retaining Mr. Wise during this critical period. Investors should note that Mr. Wise, who had previously intended to retire, has extended his tenure to facilitate a smooth transition. The company has also arranged for post-retirement consulting services from Mr. Wise, indicating his continued value and the importance of his expertise during the CFO succession process. This compensation package reflects the company's efforts to ensure stability and continuity in its financial leadership.
Key Highlights
- 1Disclosure of additional compensation for interim CFO David E. Wise.
- 2Mr. Wise will receive an extra $150,000 per month while serving as interim CFO.
- 3A restricted stock unit grant valued at $550,000, vesting on July 5, 2019, was awarded to Mr. Wise.
- 4The restricted stock unit grant includes acceleration clauses for involuntary termination without cause, death, or disability.
- 5Mr. Wise has extended his employment beyond his initial retirement intentions.
- 6A consulting agreement will provide Mr. Wise $100,000 per month for four months post-retirement for advisory services.
- 7The consulting agreement is for Mr. Wise's availability, not to exceed two days per month, to assist with CFO transition.